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Tender Offer by Telenor Finland Holding Oy for Shares in Dna Plc

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Tender Offer by Telenor Finland Holding Oy for Shares in Dna Plc OFFER DOCUMENT 28 August 2019 MANDATORY PUBLIC TENDER OFFER BY TELENOR FINLAND HOLDING OY FOR SHARES IN DNA PLC Telenor Finland Holding Oy (the "Offeror") hereby offers to acquire, by a mandatory public tender offer in accordance with Chapter 11 of the Finnish Securities Markets Act (746/2012, as amended) (the "SMA") and in accordance with the terms and conditions set forth in this tender offer document (the "Tender Offer Document"), all of the issued and outstanding shares in DNA Plc (the "Company" or "DNA") that are not held by DNA or its group companies or by the Offeror or its group companies (the "Shares" or, individually, a "Share") (the "Tender Offer"). The Offeror is a limited liability company incorporated under the laws of Finland. The Offeror is a wholly owned indirect subsidiary of Telenor ASA ("Telenor"). Telenor is a public limited liability company incorporated under the laws of Norway. The shares in Telenor are listed on the official list of Oslo Børs ASA. DNA is a public limited liability company incorporated under the laws of Finland. The shares in DNA, including the Shares, are listed on the official list of Nasdaq Helsinki Ltd ("Nasdaq Helsinki"). Telenor has on 9 April 2019 (the "Transaction Announcement Date") entered into separate agreements with Finda Telecoms Oy and PHP Holding Oy to acquire the 37,385,454 shares in DNA held by Finda Telecoms Oy and the 34,105,827 shares in DNA held by PHP Holding Oy at that time (the "SPAs"). Completion of the SPAs was subject to certain conditions, including approval by general meetings of the seller entities and required regulatory approvals. Following completion of all conditions to completion under the SPAs on 19 August 2019, the Offeror has on 21 August 2019 acquired altogether 71,491,281 shares in DNA, corresponding to 54.04% of all shares and votes in DNA. As a result of the acquisition of the shares under the SPAs, the Offeror is obliged to launch a mandatory public tender offer in accordance with Chapter 11, Section 19 of the SMA for all Shares and any securities entitling to shares in DNA. The consideration offered for each Share validly tendered in the Tender Offer is EUR 20.90 in cash (the "Offer Price"). The Offer Price represents a premium of approximately 7.4% compared to the closing price of the DNA shares on Nasdaq Helsinki on the last trading day prior to the Transaction Announcement Date, a premium of approximately 21.3% compared to the volume-weighted average trading price of the DNA shares during the three-month period preceding the Transaction Announcement Date, when adjusted for cash dividend of EUR 1.10 prior to the ex-dividend date of 29 March 2019 for the dividend resolved upon at the 2019 annual general meeting of DNA and a premium of approximately 14.8% compared to the volume-weighted average trading price of the DNA shares during the three-month period preceding the Transaction Announcement Date, without the aforementioned dividend adjustment. The Offer Price represents a discount of approximately -0.1% compared to the closing price of the DNA shares on Nasdaq Helsinki on the last trading day prior to the announcement of the Offeror's obligation to launch the Tender Offer and a discount of approximately -0.5% compared to the volume-weighted average trading price of the DNA shares during the three-month period preceding the announcement of the Offeror's obligation to launch the Tender Offer. The completion of the Tender Offer is not subject to any conditions. The acceptance period for the Tender Offer (the "Offer Period") will begin at 9:00 a.m. (Finnish time) on 29 August 2019 and expire at 4:00 p.m. (Finnish time) on 26 September 2019, unless the Tender Offer is extended. For details, please see the section "Terms and Conditions of the Tender Offer". At the date of this Tender Offer Document, the Board of Directors of DNA has not given its statement in accordance with Chapter 11, Section 13 of the SMA. The information on this front page should be read in conjunction with, and is qualified in its entirety by, the more detailed information in this Tender Offer Document, in particular the section "Terms and Conditions of the Tender Offer". THIS TENDER OFFER IS NOT BEING MADE, DIRECTLY OR INDIRECTLY IN ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW AND THIS TENDER OFFER DOCUMENT AND RELATED ACCEPTANCE FORMS ARE NOT AND MAY NOT BE DISTRUBUTED, FORWARDED OR TRANSMITTED INTO OR FROM ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW BY ANY MEANS WHATSOEVER INCLUDING, WITHOUT LIMITATION, MAIL, FACSIMILE TRANSMISSION, E-MAIL OR TELEPHONE. IN PARTICULAR, THE TENDER OFFER IS NOT MADE IN AND THIS TENDER OFFER DOCUMENT MUST UNDER NO CIRCUMSTANCES BE DISTRIBUTED INTO CANADA, JAPAN, AUSTRALIA, SOUTH AFRICA OR HONG KONG OR ANY OTHER JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW. Financial Advisor to the Offeror and Financial Advisor to the Offeror Arranger of the Tender Offer Skandinaviska Enskilda Banken AB (publ) Helsinki Branch Barclays IMPORTANT INFORMATION This Tender Offer Document has been prepared in accordance with Finnish law, including the Finnish Securities Markets Act (746/2012, as amended) (the "SMA"), Decree 1022/2012 of the Ministry of Finance and Regulations and guidelines 9/2013 on Takeover bids and mandatory bids (FSA 10/01.00/2013) by the Finnish Financial Supervisory Authority (the "FIN-FSA"). The Tender Offer Document and the Tender Offer shall be governed by Finnish law and any disputes related thereto shall be exclusively settled by Finnish courts of competent jurisdiction. The Tender Offer Document is available in Finnish and in English. In the event of any discrepancy between the two language versions, the Finnish language version shall prevail. The FIN-FSA has approved the Finnish language version of this Tender Offer Document. The FIN-FSA assumes no responsibility for the accuracy of the information presented therein. The decision number of the FIN-FSA's approval decision is FIVA 18/02.05.05/2019. The Finnish language version of this Tender Offer Document will be available on the internet at www.telenor.com/telenor- ostotarjous-dna as of 28 August 2019 and at offices of SEB on or about 2 September 2019. The English language version of this Tender Offer Document will be available on the internet at www.telenor.com/telenor-offer-for-dna as of 28 August 2019. The Offeror may also acquire Shares in public trading on Nasdaq Helsinki or otherwise before, during and/or after the Offer Period (including any extension thereof) or otherwise outside the Tender Offer to the extent permitted by Finnish and any other applicable law. This Tender Offer is not being made, directly or indirectly in any jurisdiction where prohibited by applicable law and this Tender Offer Document and related acceptance forms are not and may not be distributed, forwarded or transmitted into or from any jurisdiction where prohibited by applicable law by any means whatsoever including, without limitation, mail, facsimile transmission, e-mail or telephone. In particular, the Tender Offer is not made and this Tender Offer Document must under no circumstances be distributed into Canada, Japan, Australia, South Africa or Hong Kong or any other jurisdiction where prohibited by applicable law. All financial and other information regarding DNA presented in this Tender Offer Document is solely based on the financial statements published by DNA for the financial year ended on 31 December 2018, DNA's interim report for the six-month period ending 30 June 2019 entries in the Finnish Trade Register and other publicly available information, unless expressly stated otherwise. Consequently, the Offeror does not accept any responsibility whatsoever for such information except for its accurate restatement of such information herein. Except to the extent required by mandatory law, this Tender Offer Document will neither be supplemented or updated with any financial information or other stock exchange releases published by DNA subsequent to the date of this Tender Offer Document, nor will the Offeror otherwise separately announce the publishing of such financial information or stock exchange releases. In this Tender Offer Document, "Company" and "DNA" refer to DNA or DNA and its group companies, on a combined basis, as the context may require. In this Tender Offer Document, "Telenor" refer to Telenor or Telenor and its group companies, on a combined basis, as the context may require. Skandinaviska Enskilda Banken AB (publ) Helsinki Branch ("SEB"), which is under the supervision of the Swedish Financial Supervisory Authority (Finansinspektionen) in cooperation with the Finnish Financial Supervisory Authority (Finanssivalvonta), is acting as financial adviser to the Offeror and no one else in connection with the Tender Offer and arranger in relation to the Tender Offer, will not regard any other person than the Offeror as its client in relation to the Tender Offer and will not be responsible to anyone other than the Offeror for providing protection afforded to clients of Skandinaviska Enskilda Banken AB (publ) Helsinki Branch nor for providing advice in relation to the Tender Offer. Barclays Bank PLC, acting through its Investment Bank ("Barclays"), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively as financial adviser for the Offeror and no one else in connection with the Tender Offer and will not be responsible to anyone other than the Offeror for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Tender Offer or any other matter referred to in this document. ii Notice to the Shareholders in the United States U.S.
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